Taxes are a fact of life for small businesses. Fortunately, there are many possible small business tax write-offs, also called tax deductions, that can lower the tax burden and save money for owners to use in other ways to grow their businesses. How do Small Business Tax Write-offs Work? Small business tax write-offs are those deductions that are considered by the IRS to be legitimate and claimable expenses that will lower the business’s taxable income. A key role of a professional tax…
Business accounting is not something that a company’s leaders can shuffle off to the “bean counters” in the back office. No, it’s a critical business function that is key to every company’s successful business strategy and operating results. Why Accounting is Important The accounting function is important, even crucial because it helps keep a business and its financial records organized to share with stakeholders including investors, lenders, and employees. It provides the tools to evaluate a business’s performance, including information regarding expenses, revenues, debt,…
Business credit is something that every business owner should care about. Business credit is simply a financial profile of a business based on its financial history. It is determined by how a company handles its loans, credit cards, trade lines, and lines of credit and it is tied to the business’s Employer Identification Number (in contrast to an individual’s credit score which is tied to his/her social security number.) Why is Business Credit Important? Business credit is important because it allows a…
As the old expression goes, “There is nothing more certain than death and taxes.” Of course, taxes play an important role in our civil society. But regulations and tax payments can be a big burden on small businesses. Hence, Missouri tax reforms are taking a step forward to relieve small businesses and help preserve their future. The Importance of Tax Laws It is important for small business owners to understand federal, state, and local tax laws and requirements so that the…
Business owners know how valuable their time is and they don’t want to make mistakes regarding any of the important aspects of human resources management including payroll and taxes. A major choice is either doing payroll and all its related aspects in-house or choosing to outsource payroll. 9 Reasons to Outsource Payroll Payroll outsourcing means engaging a specialist third-party organization to handle payroll and related activities including tax reporting, regulatory compliance, unemployment claims, and data security. Frankly, payroll takes a lot of time, and…
Every business owner knows how much time, effort, sacrifice, and investment of the heart and mind it takes to start and operate a business. But there may come a time when selling your business becomes appealing. Know that you are not alone in facing this difficult decision. In fact, in 2021, 8,647 business sales transactions were closed according to bizbuysell.com. Why Selling Your Business May be Right for You At some point, a business owner may need to consider selling…
If you are a seasonal business owner or operator, you know that you face some special challenges. Sales may slow down significantly during certain times, yet you must manage through the “troughs” to stay profitable (and sane.) But don’t despair. There are many other seasonal business types and many other owners facing and conquering their seasonal challenges. What is a Seasonal Business? A seasonal business is a business that generates most of its sales during more limited time periods of a year….
Business growth, progress, and improvement are vital to the long-term success of every business enterprise. Business growth must be a deliberate choice, fired by passion, planning, and solid effort. Did any successful business owner ever say, “Let’s stagnate to success,” or “Let’s shrink greatness?” No, not ever. What is Business Growth Business growth can be noted by several different measures, including increases in sales, profits, number of customers, number of employees, and company value. Not every aspect needs to increase or even increase at…
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